Energy and Commerce Report Reveals $4 Billion in Stimulus Grants Has Gone to Foreign-Based Companies

January 18, 2013

On Thursday, the House Energy and Commerce Committee released an in-depth analysis that revealed a significant portion of stimulus-funded renewable energy grants have gone to internationally based companies; specifically, one out every four dollars spent on the Section 1603 stimulus program has gone to foreign entities. The findings follow a previous committee report showing the 1603 program has produced very few American jobs at a high per-job cost to taxpayers.

1/18/13: FOX NEWS Highlights DOE Grants to Foreign Companies - Watch HERE

House report: 2009 stimulus program sent $4B to foreign green energy companies
The Washington Examiner
January 17, 2013

President Obama has often justified his subsidization of green energy companies by citing the need to compete with countries such as China, but a new House report shows that about $4 billion of stimulus funding went into the bank accounts of major foreign green energy companies.

Congressional investigators reviewed Section 1603 of the 2009 stimulus, a $16 billion green energy grant program, and found that a quarter of the money went overseas. The Congressional Research Service found that, overall, the program supported about 8,000 permanent and temporary jobs at a cost of $1.2 million each.

To read the full article online, click here.

$4 Billion in "Stimulus" Funding Goes to Foreign Companies
Human Events
January 17. 2013

The House Energy and Commerce Committee has been tracking down all that “green energy” stimulus money, and a new report reveals that quite a bit of those money trails led overseas …

Maybe that’s why post-stimulus job creation has been so lackluster.  The numbers would look better if the U.S. Labor Department included jobs created by Spanish windmills.  Or maybe not, since to the extent anyone can figure out the causes and effects of these big spending programs, the number of jobs directly created by $9 billion worth of renewable energy grants from Section 1603 of the Recovery Act was about “910 annually for the lifetime of the systems,” which works out to $9,890,109 for every job created.

It’s hard to get exact numbers, because as the House Energy Committee report observes, “despite the Obama Administration’s wide pronouncements that 1603 was a jobs program… the Department of the Treasury does not keep track of jobs numbers.”  Hey, why get ourselves all worked up about how many jobs a lousy $9 billion actually creates, or which country $4 billion in stimulus funding actually ends up stimulating?

To read the full article online, click here.